The Editorial Team |

Nigerian Equities Pull Southwards Amidst Profit Takings … NSE ASI down 42bps

LAGOS (Capital Markets in Africa) – The Nigerian equities market opened the week bearish as the benchmark index dipped 0.4% to settle at 26, 217.18 points while YTD loss worsened to -2.4%. Losses sustained in tier-1 banking stocks as well as other bellwethers – UBA (- 2.7%), GUARANTY (-1.7%) and DANGCEM (-0.6%) – dragged the broader index lower while market capitalisation fell by N38.2bn to N9.0tn. Activity level also waned as volume and value traded…

Morocco Rejoining African Union Seen Shaping Leadership Vote

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RABAT (Capital Markets in Africa) – African heads of state gather in the Ethiopian capital on Monday for a two-day African Union summit in which Morocco’s bid for readmission to the continental bloc will shape the election of a new chairperson. Morocco formally submitted its bid to re-join the body last year, when King Mohammed VI set out his government’s objectives of placing the country “at the center” of Africa’s development. The North African nation withdrew from the African…

Ghana Will Meet IMF Bailout Benchmarks, Says Finance Minister

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ACCRA (Capital Markets in Africa) – Ghana remains committed to its three-year bailout plan with the International Monetary Fund and will take steps to achieve the program’s benchmarks if it allows the country an opportunity to address economic “predicaments” by creating jobs. The IMF program remains necessary to achieve fiscal consolidation “though it is presently in a delicate state,” Finance Minister Ken Ofori-Atta said in an e-mailed statement on Monday. Ghana’s total public debt stood at 71.9 percent…

Nigerian Bank FCMB Sees Capital Staying at ‘Comfortable’ Levels

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LAGOS (Capital Markets in Africa) – FCMB Group Plc, a Nigerian lender which some analysts have said may need to raise capital, expects to remain comfortably above regulatory requirements for the rest of 2017. The Lagos-based bank raised 7 billion naira ($23 million) by selling bonds in the last quarter of 2016, “which was used to refinance term deposits and modestly increased capital,’’ Ladi Balogun, chief executive officer of First City Monument Bank Ltd., said in…

Revival Beckons for Sudan as U.S. Lifts Economic Sanctions

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KHARTOUM (Capital Markets in Africa) – The U.S. removal of sanctions on Sudan may unlock the potential for the government to tap its rich mineral and agriculture resources. Now the African state needs to carry out the large-scale reforms required to attract investors. Former President Barack Obama’s January 13 executive order reversed some measures put in place by the U.S. in 1997, four years after it first listed Sudan as a state sponsor of terrorism. It lifted restrictions…

Trump, Key Arab Allies Agree to Boost Anti-Terror Efforts

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WASHINGTON (Capital Markets in Africa) – U.S. President Donald Trump, facing growing criticism over his move to block immigration from seven predominantly Muslim countries, held talks with two prominent Arab leaders on Sunday to bolster ties and discuss anti-terrorism efforts in the Middle East. Trump spoke by phone with Saudi Arabia’s King Salman and Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed. The call with the Saudi monarch lasted more than an hour, according to a senior…

ADvTECH acquires majority stake in University of Africa, Zambia

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LUSAKA (Capital Markets in Africa) – ADvTECH, Africa’s largest private education provider, is pleased to announce the acquisition of a 51% stake in the University of Africa (“UoA”). Following the International Finance Corporation’s (“IFC”) investment in the Group in 2016 to support its expansion strategy, this acquisition represents the Group’s first tertiary partnership outside of South Africa. A private distance-learning university based in Zambia, UoA has a rapidly growing student base from across the continent…

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